Demand remains firm despite ‘pressure stack’, says industry accountant

Challenges facing the trade represent “a pressure stack, not a demand collapse” and will ultimately be overcome, according to industry accountant Chris Photi.

Global conflict, rising costs and fuel prices were cited among current pressures by White Hart Associates’ head of travel and leisure, but he stressed ongoing disruption would be navigated, insisting the long-term outlook was strong.

“The biggest challenge is the fact we’re all being affected by one man’s view of the world – and that man just happens to be the most powerful man in the world,” he said at the Association of Touring & Adventure Suppliers (Atas) Leaders’ Dinner in London.

Photi said UK airlines would not be as affected by jet fuel challenges as their EU counterparts, noting extra reserves as well as freedom from anti‑tankering rules, but long-haul flying was increasingly inefficient.

“Flight times have been extended by one to four hours for certain long‑haul services because you can’t run the usual routes,” he said.

The short-haul market would likely build on its dominance, he said, adding that 77% of UK outbound trips are already to Europe. 

Despite short-term challenges and some unwelcome trends, Photi said the market was generally healthy and pointed to forecasts suggesting outbound annual growth up to 2035 is expected to be “extremely buoyant”.

Outlining travel trends, he said demand for experience-led trips continues to grow, and he encouraged niche agents and operators to broaden their product offering.

“Don’t put all your eggs in one basket,” he advised. “If you’re involved in hiking or diving or whatever and you specialise in one destination, you’re open to major geopolitical problems and upheaval. You need to have the ability to adapt.”

Also speaking at the event, Niel Alobaidi, Newmarket Holidays chief and Atas chair, argued Atas members were particularly well‑placed to emerge from the ongoing global challenges as their customers are generally older and more capable of enduring economic downturns.

Atas director Claire Brighton said agent membership had increased by about 15% in the past year, while members’ 2025 figures for booking and revenue both rose year on year.